More armed police will patrol the Square Mile as part of the City of London Corporation’s plans to increase security in the capital’s business district.

City of London Police, along with police forces across the UK, reviewed its counter terrorism capacity following the attacks in Paris last year.

A report by the force made a series of recommendations, including increasing its specialist firearms capacity.

Following this the City of London Corporation has agreed to put in an additional £1.6 million to develop the Square Mile’s capacity to tackle the terrorist threat.

The money will be raised by a 0.1p rise in the Business Rate Premium – the first for nine years.

Roger Chadwick, Chairman of the City of London Corporation’s Finance Committee, said:

“We are determined to ensure that the City’s police officers have the resources that they need to combat the threat of terrorism on our streets - particularly following the Paris attacks last year.

“This decision will strengthen the City’s armed response teams and support the crucial role that they would play on behalf of the public in the event of a terrorist attack.”

Ian Dyson QPM, City of London Police Commissioner, said:

“The terrorist threat continues to develop and adapt and working with the City of London Corporation we continually look to ensure we have the right skills and capabilities to protect the Square Mile.

“This extra investment will ensure that we can continue to protect the people, businesses and buildings of the Square Mile against terrorism."

Home Secretary Theresa May has said that local authority police funding could be raised locally.

Due to the City of London Corporation's low rediential base - at around 9,000 - funding for these officers and improved firearms capacity will come from an increase in the Business Rate Premium, from 0.4 to 0.5p in the pound, rather than council tax, from April this year.